22nd July 2016
Just a few weeks apart, announcements were recently made by the Stock Exchange of Hong Kong (HKEX) and Singapore’s SGX respectively about changes to front line regulatory functions they perform. The approaches under these proposals couldn’t have been more different.
15th June 2016
One of the enduring mysteries of IPOs remains the all-elusive institutional investor allocation process. I once heard a hedge fund manager describe it as the method through which you can receive as many shares as you want, in deals that are sure to tank in the aftermarket, and, conversely, as few as possible, in hot, oversubscribed transactions that outperform after the start of trading.
12th May 2016
As the US$100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. I look at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia.
13th April 2016
Having left investment banking a while ago, I’m baffled by the increasingly arcane and complex rules that now plague the business — the Chinese Mainland being a particular case in point.
24th March 2016
Another week, another financial sector IPO in Hong Kong. So far this year, three such listings have come to market in the city, for a total of more than $2.6bn equivalent. Most notably, these have included IPOs by Bank of Tianjin ($948m) and China Zheshang Bank ($1.7bn), both of which priced their offerings near the bottom end of the indicative price range last week.
27th January 2016
On January 18, a delegation led by Arkady Dvorkovich, the Deputy Prime Minister of the Russian Federation, visited the Stock Exchange of Hong Kong. It was not the first time a high profile dignitary from Russia had toured its facilities.
2nd December 2015
Around this time last year, I reviewed the dismal performance of the Hong Kong primary markets, and ventured a guess that investors could instead turn en masse to ECM transactions in Malaysia, Singapore, Thailand, Indonesia – and even the Philippines. How wrong I was!
4th November 2015
Hong Kong IPO issuance has seen healthy volumes so far this year. At US$68.3 billion, according to Dealogic, new listings on HKEx have already reached the level achieved for the entire year in 2014. The outcome of deals, however, remains heavily dependent on cornerstone investors, while oversized syndicates have sadly been back in full force since at least late spring.